Sterling bucked the trend during today’s trading session and climbed by almost 3/4 of a percent against the Euro.
Today’s strength for the Pound against the Euro is significant in my opinion as earlier today it emerged that eurozone economic sentiment has hit a 10-year high after figure released beat expectations. The positive feel can be put down to optimism in the industrial and service sectors as well as among consumer spending.
This could be an indicator of future strength for the Euro and their are no shortage of economists predicting further gains for the currency, although today has provided Sterling sellers with what could either be a short-term buying opportunity for the pound, or the beginning of a reversal in the currency’s fortunes.
Sterling may well have been boosted not just by day traders looking to pick up the currency on the cheap, but also because mortgage approvals in the UK beat expectations for the month of July which I think is significant after fears of a slowdown in the UK property market are beginning to surface.
Tomorrow morning as well as on Friday there are further data releases that could impact the markets, and if you would like to discuss these do feel free to get in touch.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on email@example.com and I will endeavour to get back to you as soon as I can.